Bloomsbury buys US academic publisher in ‘game-changing’ £65m deal
Its boss described the acquisition of Rowman & Littlefield as a ‘game-changer’ which will help accelerate its expansion overseas.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Harry Potter publisher Bloomsbury announced it has bought a US academic publisher in a deal worth up to 83 million US dollars (£65 million).
Its boss described the acquisition of Rowman & Littlefield as a “game-changer” which will help accelerate its expansion overseas.
Bloomsbury Publishing is set to pay 76 million US dollars (£60 million) in cash and up to seven million US dollars (£5 million) held in escrow.
The publisher behind the Harry Potter series said it was its biggest acquisition to date and will see it become a leading academic publisher in North America.
Rowman & Littlefield’s top authors cover academic arts, humanities and social sciences and it publishes thousands of nonfiction books and textbooks, both in print and digitally.
This acquisition is a game-changer for Bloomsbury
The combined business will publish nearly 100,000 titles between them, Bloomsbury said.
“This acquisition is a game-changer for Bloomsbury,” said Nigel Newton, Bloomsbury’s chief executive.
“Their 40,000 academic titles added to ours will make us a significant US academic publisher, growing Bloomsbury’s academic and digital publishing presence in North America, opening new markets and publishing areas to Bloomsbury, and is a key milestone in the delivery of our long-term growth strategy.”
Bloomsbury, which also publishes cookbooks from chefs including Tom Kerridge, Gino D’Acampo and Paul Hollywood, recently revealed its biggest ever yearly profit and sales.
Its finances were bolstered by sales for top-selling authors including Sarah J Maas, whose fantasy fiction series have generated huge audiences.
Meanwhile, its academic and professional division lagged behind the consumer arm with sales falling compared with the previous year.
Experts suggested that investors might be concerned that the publisher is not expecting to publish a new title from its “star author” Maas in the next financial year.
But Dan Coatsworth, an investment analyst for AJ Bell, said the latest takeover news shows Bloomsbury is taking steps to diversify its portfolio of authors and titles.
He said: “Bloomsbury has come a long way from the days when its fortunes were almost completely tied to the Harry Potter franchise and today’s acquisition of a US academic publisher accelerates the company’s diversification strategy.”
Shares in Bloomsbury were up by about 2% on Wednesday morning.